Market Strategy Exam 1 UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Blockchain - CORRECT ANSWER A digital ledger in which transactions made in
bitcoin or another cryptocurrency are recorded chronologically and publicly. REDUCE
CLICK FRAUD
Omnichannel Marketing - CORRECT ANSWER a retail strategy that provides a
seamless shopping experience, whether the customer is shopping online from a desktop or
mobile device, by telephone or in a brick-and-mortar store
Customer centric tech - CORRECT ANSWER - Higher conversion rate and better ROI
• More than 50% of customers who have bad service don't buy
- Great customer service results in 15% premium in price
- 77% of customers who have a positive experience share it with their
Friends
Power shift to customers - CORRECT ANSWER - price match
- reasons to come into store (REI rock climbing)
- forecasting customer needs
Changes in product and selection - CORRECT ANSWER fast and free shipping
Displaced product lines - CORRECT ANSWER new products will come out and take
away from old products (VHS/DVD)
Audience and Media Fragmentation - CORRECT ANSWER Niche marketing and
targeting is enhanced (ad for a pillow on ASMR video)
Mass market reach is much more difficult
, Commoditization - CORRECT ANSWER A process of market competition through
which unique products that command high prices and high margins gradually lose their
ability to do so, thus becoming commodities. (EX. Iphone)
Privacy, security, and ethical concerns - CORRECT ANSWER - Customer data
collection is more scrutinized
- Social media sites and Internet connected devices create anxiety over privacy
Shifting demand patterns - CORRECT ANSWER Changes in technology have shifted
customer demand for certain product categories. (music, news)
The business model is changing in many businesses: - CORRECT ANSWER mall,
banks, pharmacies, grocery store,
Marketing places the ____ at the core of all decisions - CORRECT
ANSWER customers
Marketing - CORRECT ANSWER the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Marketspace - CORRECT ANSWER online market
Exchange - CORRECT ANSWER the process of obtaining something of value
From someone by offering something in return
5 conditions of exchange - CORRECT ANSWER 1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
QUESTIONS AND CORRECT ANSWERS
Blockchain - CORRECT ANSWER A digital ledger in which transactions made in
bitcoin or another cryptocurrency are recorded chronologically and publicly. REDUCE
CLICK FRAUD
Omnichannel Marketing - CORRECT ANSWER a retail strategy that provides a
seamless shopping experience, whether the customer is shopping online from a desktop or
mobile device, by telephone or in a brick-and-mortar store
Customer centric tech - CORRECT ANSWER - Higher conversion rate and better ROI
• More than 50% of customers who have bad service don't buy
- Great customer service results in 15% premium in price
- 77% of customers who have a positive experience share it with their
Friends
Power shift to customers - CORRECT ANSWER - price match
- reasons to come into store (REI rock climbing)
- forecasting customer needs
Changes in product and selection - CORRECT ANSWER fast and free shipping
Displaced product lines - CORRECT ANSWER new products will come out and take
away from old products (VHS/DVD)
Audience and Media Fragmentation - CORRECT ANSWER Niche marketing and
targeting is enhanced (ad for a pillow on ASMR video)
Mass market reach is much more difficult
, Commoditization - CORRECT ANSWER A process of market competition through
which unique products that command high prices and high margins gradually lose their
ability to do so, thus becoming commodities. (EX. Iphone)
Privacy, security, and ethical concerns - CORRECT ANSWER - Customer data
collection is more scrutinized
- Social media sites and Internet connected devices create anxiety over privacy
Shifting demand patterns - CORRECT ANSWER Changes in technology have shifted
customer demand for certain product categories. (music, news)
The business model is changing in many businesses: - CORRECT ANSWER mall,
banks, pharmacies, grocery store,
Marketing places the ____ at the core of all decisions - CORRECT
ANSWER customers
Marketing - CORRECT ANSWER the activity, set of institutions, and processes for
creating, communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large
Marketspace - CORRECT ANSWER online market
Exchange - CORRECT ANSWER the process of obtaining something of value
From someone by offering something in return
5 conditions of exchange - CORRECT ANSWER 1. There must be at least two parties.
2. Each party has something that might be of value to the other party.
3. Each party is capable of communication and delivery.
4. Each party is free to accept or reject the exchange offer.
5. Each party believes it is appropriate or desirable to deal with the other party.
